* Gold rises to three-week high; dollar falls
* Oil prices slip to three-month low
* Sears lower after warning of 'going concern' doubts
* Nike falls after quarterly revenue misses expectations
* Dow down 0.12 pct, S&P flat, Nasdaq up 0.16 pct
(Updates to open)
By Tanya Agrawal
March 22 The S&P 500 and the Nasdaq were little
changed on Wednesday as investors increasingly worried whether
President Donald Trump will be able to push ahead with his
The Dow was lower in morning trading, dragged down by a 6.2
percent fall in Nike after the world's largest footwear
maker's quarterly revenue missed estimates amid intensifying
competition in North America.
Trump on Tuesday tried to rally Republican lawmakers behind
a plan to dismantle Obamacare, his first major legislation since
assuming office in January.
Republican leaders aim to move the controversial legislation
to the House floor for debate as early as Thursday, amid
concerns over support from party lawmakers.
Some investors fear that if the healthcare reform act runs
into trouble or takes longer-than-expected to pass, then Trump's
tax reform policies may face setbacks.
The concerns triggered the biggest one-day fall since the
November election on Wall Street on Tuesday.
"The markets were reminded yesterday the 'Trump trade' is
not a one-way trade and there's room for disappointment as
actions on tax cuts and infrastructure spending might not
materializes as quickly as we want," said Anastasia Amoroso,
global market strategist at J.P. Morgan Private Bank in Houston.
"The pronounced fall in yields across the world is not
helping market sentiment at the moment either."
U.S. 10-year Treasury yields fell to three-week lows on
Tuesday and the gap between U.S. and German 10-year government
borrowing costs hit its narrowest since November.
The S&P 500 has run up about 10 percent since the election
in November, spurred mainly by Trump's agenda of tax cuts and
infrastructure spending, but valuations have emerged as a
The benchmark index is trading at about 18 times forward
earnings estimates against the long-term average of 15,
according to Thomson Reuters data.
At 9:38 a.m. ET (1338 GMT) the Dow Jones Industrial Average
was down 23.89 points, or 0.12 percent, at 20,644.12, the
S&P 500 was down 0.11 points, or 0.00 percent, at
The Nasdaq Composite was up 9.55 points, or 0.16
percent, at 5,803.37.
Five of the 11 major S&P sectors were lower, with the
financial index's 1.32 percent fall leading the
The sector, the top performer since the November election,
suffered its worst daily drop since June on Tuesday. Bank of
America, JPMorgan, Citigroup and Wells
Fargo fell about 1 percent.
Oil prices also dipped and slipped back to three-month lows
after data showed U.S. crude inventories rising faster than
Gold prices rose to a three-week high and the dollar index
, which measures the greenback against a basket of
currencies, was at 99.78, near the six-week low of 99.64 reached
Sears Holdings slumped 11 percent to $8.18 after
the retailer warned on Tuesday about its ability to continue as
a going concern after years of losses and declining sales.
Declining issues outnumbered advancers on the NYSE by 1,598
to 976. On the Nasdaq, 1,268 issues fell and 984 advanced.
The S&P 500 index showed seven new 52-week highs and five
new lows, while the Nasdaq recorded seven new highs and 30 new
(Reporting by Tanya Agrawal; Editing by Sriraj Kalluvila)